Mirae Asset Global Investments Co. Ltd. Sells 23,565 Shares of VNET Group, Inc. (NASDAQ:VNET)

Mirae Asset Global Investments Co. Ltd. trimmed its position in shares of VNET Group, Inc. (NASDAQ:VNET) by 38.0% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 38,487 shares of the information technology services provider’s stock after selling 23,565 shares during the period. Mirae Asset Global Investments Co. Ltd.’s holdings in VNET Group were worth $168,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. SG Americas Securities LLC increased its holdings in VNET Group by 534.6% during the 4th quarter. SG Americas Securities LLC now owns 407,327 shares of the information technology services provider’s stock valued at $1,931,000 after purchasing an additional 343,140 shares during the period. Geode Capital Management LLC increased its stake in shares of VNET Group by 237.7% during the third quarter. Geode Capital Management LLC now owns 298,539 shares of the information technology services provider’s stock valued at $1,218,000 after buying an additional 210,124 shares during the period. Anson Funds Management LP increased its stake in shares of VNET Group by 84.9% during the third quarter. Anson Funds Management LP now owns 450,000 shares of the information technology services provider’s stock valued at $1,836,000 after buying an additional 206,580 shares during the period. JPMorgan Chase & Co. raised its holdings in shares of VNET Group by 136,783.0% during the third quarter. JPMorgan Chase & Co. now owns 136,883 shares of the information technology services provider’s stock valued at $558,000 after acquiring an additional 136,783 shares in the last quarter. Finally, Virtu Financial LLC purchased a new stake in VNET Group in the third quarter worth $519,000. 72.83% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts have issued reports on VNET shares. The Goldman Sachs Group raised shares of VNET Group from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $3.10 to $5.00 in a research report on Friday, November 29th. UBS Group boosted their price target on shares of VNET Group from $6.40 to $7.00 and gave the company a “buy” rating in a research report on Friday, November 29th. One research analyst has rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, VNET Group presently has a consensus rating of “Buy” and a consensus price target of $4.78.

VNET Group Stock Performance

Shares of VNET Group stock opened at $11.75 on Friday. VNET Group, Inc. has a 12 month low of $1.42 and a 12 month high of $11.77. The firm has a market capitalization of $3.02 billion, a P/E ratio of -5.29, a P/E/G ratio of 0.78 and a beta of -0.18. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 1.46. The business has a fifty day simple moving average of $5.89 and a two-hundred day simple moving average of $4.09.

VNET Group Company Profile

VNET Group, Inc, an investment holding company, provides hosting and related services in China. It offers managed hosting services consisting of managed retail services, such as colocation services that dedicate data center space to house customers' servers and networking equipment, as well as allow customers to lease partial or entire cabinets for their servers; interconnectivity services that allow customers to connect their servers; value-added services, including hybrid IT, bare metal, firewall, server load balancing, data backup and recovery, data center management, server management, and backup server services; cloud services that allow customers to run applications over the internet using IT infrastructure; and VPN Services that extend customers' private networks by setting up connections through the public internet.